The Enugu Chamber of Commerce, Industry, Mines and Agriculture has urged the Central Bank of Nigeria to intensify efforts to save indigenous businesses and industrial sector from collapse. The ECCIMA President, Odeiga Jideonwo, made the call at the CBN Special Day at the ongoing 36th Enugu International Trade Fair. According to him, they are not unmindful of the various interventions of the CBN to support and encourage the growth of businesses in various sectors of the economy. “However, we counsel that more sustainable strategies and intervention schemes should be adopted,” Mr Jideonwo said. The president expressed worry over the consistent and recent increase in interest rates by the apex bank in an aggressive push to manage the nation’s inflationary pressure and liquidity.
He said, “The high interest rate regime will likely have adverse effects on the accessibility of bank credit by businesses. There is no doubt that access to credit and cost of funds have relationships with increasing or decreasing levels of productivity, GDP and stabilising our economy. Be that as it may, we hope that these policies of the bank are in tandem with the renewed hope mantra of the Federal Government.” Mr Jideonwo commended the management of the bank for reconsidering its decisions to suspend attending trade fairs enforced in 2023. The president said the current decision to reactivate and sustain the use of trade fair platforms in disseminating information and creating wider awareness on its operations would help the public to have a direct interface with the bank.
In an address, the acting Director, Corporate Communications Department, CBN, Hakama Ali, said that the CBN continued to address pockets of macroeconomic challenges confronting the Nigerian economy.
Ms Ali said the apex bank ensured that the banking system remained robust and resilient. According to her, in the same vein, the bank is also closely monitoring the ongoing recapitalisation of the banking sector, to ensure the injection of quality capital as envisaged in the framework.
She said, “The Nigerian payments system has continued to be reckoned with globally. CBN has remained resolute in ensuring effective and efficient payments system infrastructure. This has accelerated the financial inclusion drive and broadened payment possibilities for Nigerians. These payment platforms have made financial transactions more seamless, cost-effective and accessible to a wide range of users.”
The director said that the apex bank achieving an impactful industrial development for global recognition was premised on a tripod. “This includes robust financial systems fundamentals, foreign exchange market stability and strong collaboration between the monetary and fiscal authorities. The bank’s efforts in these directions are already yielding the desired results. This has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” Ms Ali said.
